What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, stock plus crypto trading platform that sets itself apart from the competition by charging absolutely no fees.
A leading Canadian online financial services business founded in the Autumn 2014 originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has grown substantially over the past eight years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets consumers trade both stand alone stocks and ETFs without needing to pay fees. The exception to this is when trading ETFs and stocks which are listed in US Dollars. In that case, they will charge a nominal currency conversion fee when buying and selling. But, gone are the times of having to pay more than $7 per each trade with digital discount brokerages as was normal a few years ago.
How Much Money Will I Need to Start on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it difficult for the everyday investor to start. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered accounts. You can choose between both RRSP and TFSA account types during the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on Apple and Google Play. The app makes the signup process and also trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion Canadian in Assets Under Management . they’ve been operating for more than 7 years and also employs roughly 600 Canadians. The controlling owner is the respected public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital brokerage to operate in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to deposit to a new account. Simply connect a chequing or savings account with your Trade account, then fund your account in only a couple of clicks. Deposits from banks to Wealthsimple normally take just a couple of days. Funds can just as easily be moved to a chequing or savings accounts by the exact same process.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to e-transfers that allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and submit your tax return online free. It’s described as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows one to recieve 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the above features, including Wealthsimple Trade can be found on the app and from the site with a single login.
How Can I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus offer to our audience you will get the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Questions Concerning Should I Use Wealthsimple Trade?
If this review hasn’t answered each of your questions, and you’re browsing for further info about Should I Use Wealthsimple Trade, go to the Wealthsimple website for answers to every one of your questions.